https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520Goldman%2520Sachs%2520Basic%2520Materials%2520Conference%2520-%2520May%25202016.pdf
They use words such as “will,” “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance
and/or sales
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
Adjusted EPS is calculated as follows:
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y
Net income (loss) attributable to PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6
Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - -
Special items, after tax(1) (51.2) 10.7 457.2 (75.9) (72.5) (72.8) 36.2 32.6 90.5 28.9
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 88.7
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96
Adjusted EPS Q1 2009* Q2 2009* Q3 2009* Q4 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010
Net income attributable to PolyOne common shareholders $ 3.3 $ 1.3 $ 51.3 $ 50.8 $ 20.1 $ 44.7 $ 0.1 $ 87.6
Joint venture equity earnings, after tax (8.2) (5.8) (3.0) (2.0) (0.5) (4.5) (6.2) (3.5)
Special items, after tax(1) (10.2) 9.2 (36.9) (38.0) (3.8) (22.1) 25.4 (72.0)
Adjusted net (loss) income $ (15.1) $ 4.7 $ 11.4 $ 10.8 $ 15.8 $ 18.1 $ 19.3 $ 12.1
Diluted shares 92.2 93.5 93.9 94.4 95.3 96.3 96.3 97.4
Adjusted EPS $ (0.16) $ 0.05 $ 0.12 $ 0.11 $ 0.17 $ 0.19 $ 0.20 $ 0.12
Adjusted EPS Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012
Net income attributable to PolyOne common shareholders $ 106.0 $ 23.1 $ 16.0 $ 8.3 $ 15.3 $ 18.4 $ 19.4 $ 0.2
Joint venture equity earnings, after tax (3.7) - - - - - - -
Special items, after tax(1) (81.3) 1.3 2.8 4.4 6.2 8.9 5.4 15.7
Adjusted net income $ 21.0 $ 24.4 $ 18.8 $ 12.7 $ 21.5 $ 27.3 $ 24.8 $ 15.9
Diluted shares 96.4 95.5 94.0 91.9 90.7 90.7 90.2 90.5
Adjusted EPS $ 0.22 $ 0.26 $ 0.20 $ 0.14 $ 0.24 $ 0.30 $ 0.28 $ 0.18
2
Adjusted EPS Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Net income (loss) attributable to PolyOne common
shareholders $ 11.2 $ 38.6 $ 23.2 $ 21.0 $ 29.4 $ 30.9 $ 32.3 $ (14.6)
Special items, after tax(1) 17.7 (2.0) 12.3 4.6 12.5 17.4 13.1 47.5
Adjusted net income $ 28.9 $ 36.6 $ 35.5 $ 25.6 $ 41.9 $ 48.3 $ 45.4 $ 32.9
Diluted shares 92.8 99.1 98.1 97.2 95.7 94.3 93.1 91.3
Adjusted EPS $ 0.31 $ 0.37 $ 0.36 $ 0.26 $ 0.44 $ 0.51 $ 0.49 $ 0.36
Adjusted EPS Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016
Net income attributable to PolyOne common shareholders $ 30.2 $ 66.8 $ 44.5 $ 3.1 $ 39.1
Special items, after tax(1) 11.4 (15.9) 3.0 30.4 9.1
Adjusted net income $ 41.6 $ 50.9 $ 47.5 $ 33.5 $ 48.2
Diluted shares 90.1 89.8 88.4 86.6 85.5
Adjusted EPS $ 0.46 $ 0.57 $ 0.54 $ 0.39 $ 0.56
Adjusted operating margin is calculated as follows:
Adjusted operating margin Q1 2009* Q2 2009* Q3 2009* Q4 2009* YTD 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010
Operating Income $ 9.9 $ 17.1 $ 57.9 $ 52.2 $ 137.1 $ 32.3 $ 58.6 $ 42.0 $ 26.3 $ 159.2
Special items (1) (1.3) 4.6 (27.5) (24.5) (48.7) - (14.5) 5.5 4.2 (4.8)
Joint venture equity earnings (12.8) (9.0) (4.8) (3.1) (29.7) (0.8) (7.1) (9.7) (5.5) (23.1)
Adjusted operating (loss) income $ (4.2) $ 12.7 $ 25.6 $ 24.6 $ 58.7 $ 31.5 $ 37.0 $ 37.8 $ 25.0 $ 131.3
Sales $ 463.4 $ 496.5 $ 548.3 $ 552.5 $ 2,060.7 $ 604.0 $ 666.2 $ 650.7 $ 585.3 $ 2,506.2
Operating Margin (0.9)% 2.6% 4.7% 4.5% 2.8% 5.2% 5.6% 5.8% 4.3% 5.2%
Adjusted operating margin Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012
Operating income (loss) $ 173.4 $ 42.4 $ 33.4 $ (46.2) $ 203.0 $ 37.4 $ 43.3 $ 43.5 $ 13.3 $ 137.5
Special items (1) (127.2) 2.7 4.9 72.9 (46.7) 8.5 11.8 8.3 25.3 53.9
Joint venture equity earnings (5.7) - - - (5.7) - - - - -
Adjusted operating income $ 40.5 $ 45.1 $ 38.3 $ 26.7 $ 150.6 $ 45.9 $ 55.1 $ 51.8 $ 38.6 $ 191.4
Sales $ 682.8 $ 723.4 $ 694.0 $ 609.2 $ 2,709.4 $ 745.5 $ 756.6 $ 707.7 $ 651.0 $ 2,860.8
Operating Margin 5.9% 6.2% 5.5% 4.4% 5.6% 6.2% 7.3% 7.3% 5.9% 6.7%
3
Adjusted operating margin Q1 2013 Q2 2013 Q3 2013 Q4 2013 YTD 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014
Operating income (loss) $ 40.5 $ 80.7 $ 61.6 $ 48.7 $ 231.5 $ 56.4 $ 49.4 $ 63.6 $ (14.3) $ 155.1
Special items (1) 16.6 (5.2) 10.8 7.8 30.0 22.9 39.8 22.0 80.2 164.9
Adjusted operating income $ 57.1 $ 75.5 $ 72.4 $ 56.5 $ 261.5 $ 79.3 $ 89.2 $ 85.6 $ 65.9 $ 320.0
Sales $ 801.1 $ 1,037.6 $ 1,008.9 $ 923.6 $ 3,771.2 $ 1,002.3 $ 1,005.5 $ 958.4 $ 869.3 $ 3,835.5
Operating Margin 7.1% 7.3% 7.2% 6.1% 6.9% 7.9% 8.9% 8.9% 7.6% 8.3%
Adjusted operating margin Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Q1 2016
Operating income $ 70.1 $ 80.3 $ 69.2 $ 31.3 $ 250.9 $ 71.3
Special items (1) 9.3 11.9 18.7 31.4 71.3 13.8
Adjusted operating income $ 79.4 $ 92.2 $ 87.9 $ 62.7 $ 322.2 $ 85.1
Sales $ 873.1 $ 887.1 $ 841.6 $ 775.8 $ 3,377.6 $ 847.0
Operating Margin 9.1% 10.4% 10.4% 8.1% 9.5% 10.0%
Adjusted gross margin is calculated as follows:
(In millions) Twelve Months Ended December 31, 2015
Gross margin - GAAP $ 681.5
Special items in gross margin(1) 39.7
Gross margin before special items $ 721.2
Specialty operating income mix percentage is calculated as follows:
Platform operating income mix percentage 2005* 2010* 2015
Color, Additives and Inks $ 4.3 $ 37.7 $ 135.4
Specialty Engineered Materials 0.4 49.7 79.6
Designed Structures and Solutions - - 13.8
Specialty Platform $ 4.7 $ 87.4 $ 228.8
Performance Products and Solutions 75.7 54.0 57.4
Distribution 19.5 42.0 68.0
Joint ventures 91.9 18.9 —
Corporate and eliminations (51.5) (27.7) (103.3)
Operating income GAAP $ 140.3 $ 174.6 $ 250.9
Less: Corporate operating expense 51.5 27.7 103.3
Operating income excluding Corporate $ 191.8 $ 202.3 $ 354.2
Specialty platform operating mix percentage 2% 43% 65%
4
Adjusted EBITDA and net debt to adjusted EBITDA is calculated as follows:
(In millions) Q2 2015 Q3 2015 Q4 2015 Q1 2016
Trailing Twelve Months
Ended March 31, 2016
Income (loss) from continuing operations, before income taxes $ 63.4 $ 51.4 $ (0.4) $ 57.0 $ 171.4
Interest expense, net 16.2 16.2 15.6 14.6 62.6
Depreciation and amortization 25.0 28.3 25.9 27.2 106.4
Special items, impact on income (loss) from continuing operations
before income taxes(1) 11.9 18.6 47.8 13.6 91.9
Accelerated depreciation included in special items (0.2) (4.3) (1.6) (2.8) (8.9)
Adjusted EBITDA $ 116.3 $ 110.2 $ 87.3 $ 109.6 $ 423.4
Short-term and current portion of long-term debt $ 18.6
Long-term debt 1,174.3
Less: Cash and cash equivalents (155.4)
Net Debt 1,037.5
Net Debt/TTM Adjusted EBITDA 2.5
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal, discontinued operations or the related resegmentation
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520KeyBanc%2520Conference%2520-%2520September%252014%25202016.pdf
They use words such as “will,” “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance
and/or sales
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
Adjusted EPS is calculated as follows:
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y
Net income (loss) attributable to PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6
Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) — — — —
Special items, after tax(1) (51.2) 10.7 457.2 (75.9) (72.5) (72.8) 36.2 32.6 90.5 28.9
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 88.7
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96
Adjusted EPS Q1 2009* Q2 2009* Q3 2009* Q4 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010
Net income attributable to PolyOne common shareholders $ 3.3 $ 1.3 $ 51.3 $ 50.8 $ 20.1 $ 44.7 $ 0.1 $ 87.6
Joint venture equity earnings, after tax (8.2) (5.8) (3.0) (2.0) (0.5) (4.5) (6.2) (3.5)
Special items, after tax(1) (10.2) 9.2 (36.9) (38.0) (3.8) (22.1) 25.4 (72.0)
Adjusted net (loss) income $ (15.1) $ 4.7 $ 11.4 $ 10.8 $ 15.8 $ 18.1 $ 19.3 $ 12.1
Diluted shares 92.2 93.5 93.9 94.4 95.3 96.3 96.3 97.4
Adjusted EPS $ (0.16) $ 0.05 $ 0.12 $ 0.11 $ 0.17 $ 0.19 $ 0.20 $ 0.12
Adjusted EPS Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012
Net income attributable to PolyOne common shareholders $ 106.0 $ 23.1 $ 16.0 $ 8.3 $ 15.3 $ 18.4 $ 19.4 $ 0.2
Joint venture equity earnings, after tax (3.7) - - - - - - -
Special items, after tax(1) (81.3) 1.3 2.8 4.4 6.2 8.9 5.4 15.7
Adjusted net income $ 21.0 $ 24.4 $ 18.8 $ 12.7 $ 21.5 $ 27.3 $ 24.8 $ 15.9
Diluted shares 96.4 95.5 94.0 91.9 90.7 90.7 90.2 90.5
Adjusted EPS $ 0.22 $ 0.26 $ 0.20 $ 0.14 $ 0.24 $ 0.30 $ 0.28 $ 0.18
2
Adjusted EPS Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Net income (loss) attributable to PolyOne common
shareholders $ 11.2 $ 38.6 $ 23.2 $ 21.0 $ 29.4 $ 30.9 $ 32.3 $ (14.6)
Special items, after tax(1) 17.7 (2.0) 12.3 4.6 12.5 17.4 13.1 47.5
Adjusted net income $ 28.9 $ 36.6 $ 35.5 $ 25.6 $ 41.9 $ 48.3 $ 45.4 $ 32.9
Diluted shares 92.8 99.1 98.1 97.2 95.7 94.3 93.1 91.3
Adjusted EPS $ 0.31 $ 0.37 $ 0.36 $ 0.26 $ 0.44 $ 0.51 $ 0.49 $ 0.36
Adjusted EPS Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016
Net income attributable to PolyOne common shareholders $ 30.2 $ 66.8 $ 44.5 $ 3.1 $ 39.1 $ 50.0
Special items, after tax(1) 11.4 (15.9) 3.0 30.4 9.1 3.2
Adjusted net income $ 41.6 $ 50.9 $ 47.5 $ 33.5 $ 48.2 $ 53.2
Diluted shares 90.1 89.8 88.4 86.6 85.5 84.7
Adjusted EPS $ 0.46 $ 0.57 $ 0.54 $ 0.39 $ 0.56 $ 0.63
Adjusted operating margin is calculated as follows:
Adjusted operating margin Q1 2009* Q2 2009* Q3 2009* Q4 2009* YTD 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010
Operating Income $ 9.9 $ 17.1 $ 57.9 $ 52.2 $ 137.1 $ 32.3 $ 58.6 $ 42.0 $ 26.3 $ 159.2
Special items (1) (1.3) 4.6 (27.5) (24.5) (48.7) - (14.5) 5.5 4.2 (4.8)
Joint venture equity earnings (12.8) (9.0) (4.8) (3.1) (29.7) (0.8) (7.1) (9.7) (5.5) (23.1)
Adjusted operating (loss) income $ (4.2) $ 12.7 $ 25.6 $ 24.6 $ 58.7 $ 31.5 $ 37.0 $ 37.8 $ 25.0 $ 131.3
Sales $ 463.4 $ 496.5 $ 548.3 $ 552.5 $ 2,060.7 $ 604.0 $ 666.2 $ 650.7 $ 585.3 $ 2,506.2
Operating Margin (0.9)% 2.6% 4.7% 4.5% 2.8% 5.2% 5.6% 5.8% 4.3% 5.2%
Adjusted operating margin Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012
Operating income (loss) $ 173.4 $ 42.4 $ 33.4 $ (46.2) $ 203.0 $ 37.4 $ 43.3 $ 43.5 $ 13.3 $ 137.5
Special items (1) (127.2) 2.7 4.9 72.9 (46.7) 8.5 11.8 8.3 25.3 53.9
Joint venture equity earnings (5.7) - - - (5.7) - - - - -
Adjusted operating income $ 40.5 $ 45.1 $ 38.3 $ 26.7 $ 150.6 $ 45.9 $ 55.1 $ 51.8 $ 38.6 $ 191.4
Sales $ 682.8 $ 723.4 $ 694.0 $ 609.2 $ 2,709.4 $ 745.5 $ 756.6 $ 707.7 $ 651.0 $ 2,860.8
Operating Margin 5.9% 6.2% 5.5% 4.4% 5.6% 6.2% 7.3% 7.3% 5.9% 6.7%
3
Adjusted operating margin Q1 2013 Q2 2013 Q3 2013 Q4 2013 YTD 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014
Operating income (loss) $ 40.5 $ 80.7 $ 61.6 $ 48.7 $ 231.5 $ 56.4 $ 49.4 $ 63.6 $ (14.3) $ 155.1
Special items (1) 16.6 (5.2) 10.8 7.8 30.0 22.9 39.8 22.0 80.2 164.9
Adjusted operating income $ 57.1 $ 75.5 $ 72.4 $ 56.5 $ 261.5 $ 79.3 $ 89.2 $ 85.6 $ 65.9 $ 320.0
Sales $ 801.1 $ 1,037.6 $ 1,008.9 $ 923.6 $ 3,771.2 $ 1,002.3 $ 1,005.5 $ 958.4 $ 869.3 $ 3,835.5
Operating Margin 7.1% 7.3% 7.2% 6.1% 6.9% 7.9% 8.9% 8.9% 7.6% 8.3%
Adjusted operating margin Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Q1 2016 Q2 2016
Operating income $ 70.1 $ 80.3 $ 69.2 $ 31.3 $ 250.9 $ 71.3 $ 81.5
Special items (1) 9.3 11.9 18.7 31.4 71.3 13.8 10.4
Adjusted operating income $ 79.4 $ 92.2 $ 87.9 $ 62.7 $ 322.2 $ 85.1 $ 91.9
Sales $ 873.1 $ 887.1 $ 841.6 $ 775.8 $ 3,377.6 $ 847.0 $ 861.5
Operating Margin 9.1% 10.4% 10.4% 8.1% 9.5% 10.0% 10.7%
Adjusted gross margin is calculated as follows:
(In millions) Twelve Months Ended December 31, 2015
Gross margin - GAAP $ 681.5
Special items in gross margin(1) 39.7
Gross margin before special items $ 721.2
Specialty platform percentage of operating income is calculated as follows:
Platform operating income mix percentage 2006Y* Q2 2016
Color, Additives and Inks $ 8.9 $ 38.2
Specialty Engineered Materials 3.9 21.4
Designed Structures and Solutions — 1.0
Specialty Platform $ 12.8 $ 60.6
Performance Products and Solutions 64.2 21.3
Distribution 19.2 17.8
Joint ventures 102.9 —
Corporate and eliminations 34.5 (18.2)
Operating income GAAP $ 233.6 $ 81.5
Less: Corporate and eliminations (34.5) 18.2
Operating income excluding Corporate $ 199.1 $ 99.7
Specialty platform percentage of operating income excluding corporate 6% 61%
4
Adjusted EBITDA and net debt to adjusted EBITDA is calculated as follows:
(In millions)
Six Months Ended
June 30, 2015
Twelve Months Ended
December 31, 2015
Six Months Ended
June 30, 2016
Trailing Twelve Months
Ended June 30, 2016
Income from continuing operations, before income taxes $ 116.7 $ 167.7 $ 123.6 $ 174.6
Interest expense, net 32.3 64.1 29.2 61.0
Depreciation and amortization 50.1 104.3 52.4 106.6
Special items, impact on income (loss) from continuing operations before
income taxes(1) 21.2 87.6 24.5 90.9
Accelerated depreciation included in special items (0.3) (6.2) (3.2) (9.1)
Adjusted EBITDA(2) $ 220.0 $ 417.5 $ 226.5 $ 424.0
Short-term and current portion of long-term debt $ 18.4
Long-term debt 1,126.2
Total Debt 1,144.6
Less: Cash and cash equivalents (161.4)
Net Debt $ 983.2
Net Debt / TTM Adjusted EBITDA 2.3
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal, discontinued operations or the related resegmentation
https://www.avient.com/sites/default/files/2025-05/Avient Announces First Quarter 2025 Results_0.pdf
They use words such as "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," and other words and terms of similar meaning in connection
with any discussion of future operating or financial condition, performance and/or sales.
2) Tax adjustments include the net tax impact from non-recurring income tax items and certain adjustments to uncertain tax position reserves
and valuation allowances.
9
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31, 2025 December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents $ 456.0 $ 544.5
Accounts receivable, net 489.6 399.5
Inventories, net 372.8 346.8
Other current assets 111.9 131.3
Total current assets 1,430.3 1,422.1
Property, net 951.8 955.3
Goodwill 1,684.0 1,659.7
Intangible assets, net 1,464.5 1,450.4
Other non-current assets 280.6 323.6
Total assets $ 5,811.2 $ 5,811.1
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt $ 7.8 $ 7.7
Accounts payable 422.2 417.4
Accrued expenses and other current liabilities 268.2 331.0
Total current liabilities 698.2 756.1
Non-current liabilities:
Long-term debt 2,061.3 2,059.3
Deferred income taxes 268.0 260.4
Other non-current liabilities 469.3 405.7
Total non-current liabilities 2,798.6 2,725.4
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,298.3 2,313.8
Noncontrolling interest 16.1 15.8
Total equity 2,314.4 2,329.6
Total liabilities and equity $ 5,811.2 $ 5,811.1
10
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Three Months Ended
March 31,
2025 2024
Operating activities
Net (loss) income $ (19.9) $ 49.7
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation and amortization 45.3 44.3
Cloud-based enterprise resource planning system impairment 71.6 —
Share-based compensation expense 2.4 3.3
Changes in assets and liabilities:
Increase in accounts receivable (83.7) (81.9)
Increase in inventories (20.3) (12.3)
(Decrease) increase in accounts payable (1.0) 1.7
Environmental insurance recovery 34.0 —
Decrease in incentive accruals (53.1) (16.8)
Accrued expenses and other assets and liabilities, net (26.4) (30.8)
Net cash used by operating activities (51.1) (42.8)
Investing activities
Capital expenditures (12.5) (24.4)
Proceeds from plant closures — 2.0
Other investing activities — (2.1)
Net cash used by investing activities (12.5) (24.5)
Financing activities
Payments on long-term borrowings — (2.7)
Cash dividends paid (24.7) (23.5)
Other financing activities (3.6) (1.9)
Net cash used by financing activities (28.3) (28.1)
Effect of exchange rate changes on cash 3.4 (6.1)
Decrease in cash and cash equivalents (88.5) (101.5)
Cash and cash equivalents at beginning of year 544.5 545.8
Cash and cash equivalents at end of period $ 456.0 $ 444.3
11
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to
segments; intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not
included in the measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2024-03/AVNT February IR Presentation_w_Non-GAAP Recs_v2.pdf
They use words such as "will," “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales.
Continue fostering our Great
Place to Work® culture
Strategic Objectives
Long Term
Growth
Rates
Growth Drivers
$340
$455
$790
$1,135
2016 2018 2020 2023
$51
$84
$212
$645
2016 2018 2020 2023
$108 $113
$231 $230
2016 2018 2020 2023
$265
$358
$726 $725
2016 2018 2020 2023
8-12% 8-10% 8-10% 5%
Sustainable Solutions Composites Healthcare Asia/Emerging Regions
Profitable Growth Great Place to Work
5.4%
10.9%
16.0%
2006 2014 2023
EBITDA Margins
$0.14
$1.93
$2.36
2006 2014 2023
Adjusted EPS
TOP -T IE R S US TAINABIL IT Y P E RF ORM ANCE
AND RE COGNIT ION
Industry Sustainability Standards
ESG Ratings Performance
1
2
4
87th
94th
percentile
5
Avient CDP Score:
A-
F E B R U A R Y 1 4 , 2 0 2 4
W E B C A S T
P R E S E N T AT I O N
DR.
AS HIS H KHANDP UR
P R E S I D E N T & C E O
7
8
PORTFOLIO TRANSFORMATION
8
7%
46%
66%
87%
100%
0%
20%
40%
60%
80%
100%
2005 2010 2015 2020 2023
%
o
f A
dj
us
te
d
E
B
IT
D
A
Commodity JVs Distribution Performance Products & Solutions Specialty Businesses
Adjusted EBITDA from Specialty Applications
SUSTAINABILITY AS A GROWTH DRIVER
9
LONG-TERM REVENUE GROWTH DRIVERS
Sustainable
Solutions
Composites, Healthcare,
Asia / LATAM
Overlap
Other
60%+
Key Growth
Drivers
Total Company Revenue
Growth Drivers Long-Term Growth Rate
Sustainable Solutions 8–12%
Composites 8–10%
Healthcare 8–10%
Asia / LATAM 5%
Other 0–2%
Avient 6%
END MARKET OBSERVATIONS
( % O F C O M PA N Y S A L E S )
ENERGY
5%
DEFENSE
7%
TELECOMMUNICATIONS
4%
HEALTHCARE
7%
10
TRANSPORTATION
10%
INDUSTRIAL
16%
BUILDING &
CONSTRUCTION 9%
CONSUMER
19%
PACKAGING
23%
11
REGIONAL OBSERVATIONS
( % O F C O M PA N Y S A L E S )
11
US & Canada
Latin America
EMEA
Asia
41%
36%
18%
5%
Q 4 2 0 2 3 R E S U L T S
Q4 2023 PERFORMANCE VS.
https://www.avient.com/sites/default/files/resources/PolyOne%2520Investor%2520Presentation%2520Longbow%2520Basic%2520Materials%2520Conference%2520-%2520March%25202016.pdf
They use words such as “will,” “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance
and/or sales
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
Adjusted EPS is calculated as follows:
Adjusted EPS 2006Y* 2007Y* 2008Y* 2009Y* 2010Y 2011Y 2012Y 2013Y 2014Y 2015Y
Net income (loss) attributable to PolyOne common
shareholders $ 130.9 $ 40.9 $ (417.0) $ 106.7 $ 152.5 $ 153.4 $ 53.3 $ 94.0 $ 78.0 $ 144.6
Joint venture equity earnings, after tax (68.5) (26.1) (20.8) (19.0) (14.7) (3.7) - - - -
Special items, after tax(1) (51.2) 10.7 457.2 (75.9) (72.5) (72.8) 36.2 32.6 90.5 28.9
Adjusted net income $ 11.2 $ 25.5 $ 19.4 $ 11.8 $ 65.3 $ 76.9 $ 89.5 $ 126.6 $ 168.5 $ 173.5
Diluted shares 92.8 93.1 92.7 93.4 96.0 94.3 89.8 96.5 93.5 88.7
Adjusted EPS $ 0.12 $ 0.27 $ 0.21 $ 0.13 $ 0.68 $ 0.82 $ 1.00 $ 1.31 $ 1.80 $ 1.96
Adjusted EPS Q1 2009* Q2 2009* Q3 2009* Q4 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010
Net income attributable to PolyOne common shareholders $ 3.3 $ 1.3 $ 51.3 $ 50.8 $ 20.1 $ 44.7 $ 0.1 $ 87.6
Joint venture equity earnings, after tax (8.2) (5.8) (3.0) (2.0) (0.5) (4.5) (6.2) (3.5)
Special items, after tax(1) (10.2) 9.2 (36.9) (38.0) (3.8) (22.1) 25.4 (72.0)
Adjusted net (loss) income $ (15.1) $ 4.7 $ 11.4 $ 10.8 $ 15.8 $ 18.1 $ 19.3 $ 12.1
Diluted shares 92.2 93.5 93.9 94.4 95.3 96.3 96.3 97.4
Adjusted EPS $ (0.16) $ 0.05 $ 0.12 $ 0.11 $ 0.17 $ 0.19 $ 0.20 $ 0.12
Adjusted EPS Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012
Net income attributable to PolyOne common shareholders $ 106.0 $ 23.1 $ 16.0 $ 8.3 $ 15.3 $ 18.4 $ 19.4 $ 0.2
Joint venture equity earnings, after tax (3.7) - - - - - - -
Special items, after tax(1) (81.3) 1.3 2.8 4.4 6.2 8.9 5.4 15.7
Adjusted net income $ 21.0 $ 24.4 $ 18.8 $ 12.7 $ 21.5 $ 27.3 $ 24.8 $ 15.9
Diluted shares 96.4 95.5 94.0 91.9 90.7 90.7 90.2 90.5
Adjusted EPS $ 0.22 $ 0.26 $ 0.20 $ 0.14 $ 0.24 $ 0.30 $ 0.28 $ 0.18
2
Adjusted EPS Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Net income (loss) attributable to PolyOne common
shareholders $ 11.2 $ 38.6 $ 23.2 $ 21.0 $ 29.4 $ 30.9 $ 32.3 $ (14.6)
Special items, after tax(1) 17.7 (2.0) 12.3 4.6 12.5 17.4 13.1 47.5
Adjusted net income $ 28.9 $ 36.6 $ 35.5 $ 25.6 $ 41.9 $ 48.3 $ 45.4 $ 32.9
Diluted shares 92.8 99.1 98.1 97.2 95.7 94.3 93.1 91.3
Adjusted EPS $ 0.31 $ 0.37 $ 0.36 $ 0.26 $ 0.44 $ 0.51 $ 0.49 $ 0.36
Adjusted EPS Q1 2015 Q2 2015 Q3 2015 Q4 2015
Net income attributable to PolyOne common shareholders $ 30.2 $ 66.8 $ 44.5 $ 3.1
Special items, after tax(1) 11.4 (15.9) 3.0 30.4
Adjusted net income $ 41.6 $ 50.9 $ 47.5 $ 33.5
Diluted shares 90.1 89.8 88.4 86.6
Adjusted EPS $ 0.46 $ 0.57 $ 0.54 $ 0.39
Adjusted operating margin is calculated as follows:
Adjusted operating margin Q1 2009* Q2 2009* Q3 2009* Q4 2009* YTD 2009* Q1 2010 Q2 2010 Q3 2010 Q4 2010 YTD 2010
Operating Income $ 9.9 $ 17.1 $ 57.9 $ 52.2 $ 137.1 $ 32.3 $ 58.6 $ 42.0 $ 26.3 $ 159.2
Special items (1) (1.3) 4.6 (27.5) (24.5) (48.7) - (14.5) 5.5 4.2 (4.8)
Joint venture equity earnings (12.8) (9.0) (4.8) (3.1) (29.7) (0.8) (7.1) (9.7) (5.5) (23.1)
Adjusted operating (loss) income $ (4.2) $ 12.7 $ 25.6 $ 24.6 $ 58.7 $ 31.5 $ 37.0 $ 37.8 $ 25.0 $ 131.3
Sales $ 463.4 $ 496.5 $ 548.3 $ 552.5 $ 2,060.7 $ 604.0 $ 666.2 $ 650.7 $ 585.3 $ 2,506.2
Operating Margin (0.9)% 2.6% 4.7% 4.5% 2.8% 5.2% 5.6% 5.8% 4.3% 5.2%
Adjusted operating margin Q1 2011 Q2 2011 Q3 2011 Q4 2011 YTD 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 YTD 2012
Operating income (loss) $ 173.4 $ 42.4 $ 33.4 $ (46.2) $ 203.0 $ 37.4 $ 43.3 $ 43.5 $ 13.3 $ 137.5
Special items (1) (127.2) 2.7 4.9 72.9 (46.7) 8.5 11.8 8.3 25.3 53.9
Joint venture equity earnings (5.7) - - - (5.7) - - - - -
Adjusted operating income $ 40.5 $ 45.1 $ 38.3 $ 26.7 $ 150.6 $ 45.9 $ 55.1 $ 51.8 $ 38.6 $ 191.4
Sales $ 682.8 $ 723.4 $ 694.0 $ 609.2 $ 2,709.4 $ 745.5 $ 756.6 $ 707.7 $ 651.0 $ 2,860.8
Operating Margin 5.9% 6.2% 5.5% 4.4% 5.6% 6.2% 7.3% 7.3% 5.9% 6.7%
3
Adjusted operating margin Q1 2013 Q2 2013 Q3 2013 Q4 2013 YTD 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014
Operating income (loss) $ 40.5 $ 80.7 $ 61.6 $ 48.7 $ 231.5 $ 56.4 $ 49.4 $ 63.6 $ (14.3) $ 155.1
Special items (1) 16.6 (5.2) 10.8 7.8 30.0 22.9 39.8 22.0 80.2 164.9
Adjusted operating income $ 57.1 $ 75.5 $ 72.4 $ 56.5 $ 261.5 $ 79.3 $ 89.2 $ 85.6 $ 65.9 $ 320.0
Sales $ 801.1 $ 1,037.6 $ 1,008.9 $ 923.6 $ 3,771.2 $ 1,002.3 $ 1,005.5 $ 958.4 $ 869.3 $ 3,835.5
Operating Margin 7.1% 7.3% 7.2% 6.1% 6.9% 7.9% 8.9% 8.9% 7.6% 8.3%
Adjusted operating margin Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015
Operating income $ 70.1 $ 80.3 $ 69.2 $ 31.3 $ 250.9
Special items (1) 9.3 11.9 18.7 31.4 71.3
Adjusted operating income $ 79.4 $ 92.2 $ 87.9 $ 62.7 $ 322.2
Sales $ 873.1 $ 887.1 $ 841.6 $ 775.8 $ 3,377.6
Operating Margin 9.1% 10.4% 10.4% 8.1% 9.5%
Adjusted gross margin is calculated as follows:
(In millions) Twelve Months Ended December 31, 2015
Gross margin - GAAP $ 681.5
Special items in gross margin(1) 39.7
Gross margin before special items $ 721.2
Specialty operating income mix percentage is calculated as follows:
Platform operating income mix percentage 2005* 2010* 2015
Color, Additives and Inks $ 4.3 $ 37.7 $ 135.4
Specialty Engineered Materials 0.4 49.7 79.6
Designed Structures and Solutions - - 13.8
Specialty Platform $ 4.7 $ 87.4 $ 228.8
Performance Products and Solutions 75.7 54.0 57.4
Distribution 19.5 42.0 68.0
Joint ventures 91.9 18.9 —
Corporate and eliminations (51.5) (27.7) (103.3)
Operating income GAAP $ 140.3 $ 174.6 $ 250.9
Less: Corporate operating expense 51.5 27.7 103.3
Operating income excluding Corporate $ 191.8 $ 202.3 $ 354.2
Specialty platform operating mix percentage 2% 43% 65%
4
Adjusted EBITDA and net debt to adjusted EBITDA is calculated as follows:
(In millions) Twelve Months Ended December 31, 2015
Income from continuing operations, before income taxes $ 167.7
Interest expense, net 64.1
Depreciation and amortization 104.3
Special items, impact on income from continuing operations before income taxes(1) 87.6
Accelerated depreciation included in special items (6.2)
Adjusted EBITDA $ 417.5
Short-term and current portion of long-term debt $ 18.6
Long-term debt 1,128.0
Less: Cash and cash equivalents (279.8)
Net Debt 866.8
Net Debt/TTM Adjusted EBITDA 2.1
* Historical results are shown as presented in prior filings and have not been updated to reflect subsequent changes in accounting principal, discontinued operations or the related resegmentation
https://www.avient.com/sites/default/files/resources/PolyOne%2520IR%2520Presentation%2520-%2520RW%2520Baird%25202015%2520Industrial%2520Conference%2520-%2520November%25202015.pdf
They use words such as “will,”
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of
future operating or financial performance and/or sales
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
Trailing twelve months adjusted gross margin is calculated as follows:
Three Months
Ended
Nine Months
Ended
Trailing Twelve Months
(TTM) Ended
(In millions) December 31, 2014 September 30, 2015 September 30, 2015
Gross margin - GAAP $ 152.6 $ 524.6 $ 677.2
Special items in gross margin 15.8 30.0 45.8
Gross margin excluding special items $ 168.4 $ 554.6 $ 723.0
Adjusted EBITDA and net debt to adjusted EBITDA is calculated as follows:
Three Months
Ended
Nine Months
Ended
Trailing Twelve
Months (TTM) Ended
(In millions) December 31, 2014 September 30, 2015 September 30, 2015
Income from continuing operations,
before income taxes $ (31.2) $ 168.1 $ 136.9
Interest expense, net 15.6 48.5 64.1
Depreciation and amortization 25.0 78.4 103.4
Special items, impact on income from
continuing operations before income
taxes
80.8 39.8 120.6
Accelerated depreciation included in
special items (0.2) (4.6) (4.8)
Adjusted EBITDA $ 90.0 $ 330.2 $ 420.2
Short-term portion and current portion of
long-term debt $ 61.8
Long-term debt 1,038.0
Less: Cash and cash equivalents (235.7)
Net Debt 864.1
Net Debt/TTM Adjusted EBITDA 2.1
Baird Non GAAP Rec
Baird - November 10, 2015
POL IR Presentation - November 2015 11.5.2015 - Website
��PolyOne Investor Presentation�RW Baird 2015 Industrial Conference�November 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Proof of Performance & 2020 Goals
Innovation Drives Earnings Growth
Innovation Pipeline Potential
Innovation Initiatives
Design and Service as a Differentiator
Customer First Through World-Class Service
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/resources/POL%2520IR%2520Presentation%2520-%2520Credit%2520Suisse%2520-%2520June%25202015.pdf
They use words such as “will,”
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with any discussion of
future operating or financial performance and/or sales
In addition, operating income before special items and
adjusted EPS are components of various PolyOne annual and long-term employee
incentive plans
Special items include charges related to specific strategic initiatives or financial restructuring such as: consolidation of operations; debt
extinguishment costs; employee separation costs resulting from personnel reduction programs, plant phase-in costs, executive separation agreements; asset impairments; mark-to-market
adjustments associated with actuarial gains and losses on pension and other post-retirement benefit plans; environmental remediation costs, fines, penalties, remediation costs and related
insurance recoveries related to facilities no longer owned or closed in prior years; gains and losses on the divestiture of operating businesses, joint ventures and equity investments; gains and
losses on facility or property sales or disposals; results of litigation, fines or penalties, where such litigation (or action relating to the fines or penalties) arose prior to the commencement of
the performance period; unrealized gains and losses from foreign currency option contracts; one-time, non-recurring items; and the effect of changes in accounting principles or other such
laws or provisions affecting reported results.
(2) Tax adjustments include the net tax expense (benefit) from one-time income tax items and deferred income tax valuations allowance adjustments.
3
Net debt to adjusted EBITDA is calculated as follows:
Three Months
Ended
Twelve Months
Ended
Three Months
Ended
Trailing Twelve
Months (TTM)
Ended
(In millions) March 31, 2014 December 31, 2014 March 31, 2015 March 31, 2015
Short-term portion and current portion of
long-term debt $ 12.8 $ 61.8 $ 61.9
Long-term debt 968.1 962.0 1,049.2
Less: Cash and cash equivalents (238.3) (238.6) (226.4)
Net Debt $ 742.6 785.2 884.7
Income before income taxes $ 39.9 $ 88.4 $ 53.3 $ 101.8
Interest expense, net 15.5 62.2 16.1 62.8
Depreciation and amortization 32.8 123.9 25.1 116.2
Special items, impact on operating income 22.9 164.9 9.3 151.3
Accelerated depreciation included in special
items (6.8) (23.1) (0.1) (16.4)
Adjusted EBITDA $ 104.3 $ 416.3 $ 103.7 $ 415.7
Net Debt/TTM Adjusted EBITDA 2.1
POL IR Presentation - Credit Suisse - June 2015
��PolyOne Investor Presentation�Credit Suisse �Boston Basic Materials Conference �June 2015��
Forward-Looking Statements
Use of Non-GAAP Measures
PolyOne Commodity to Specialty Transformation
PolyOne�At A Glance
Mix Shift Highlights Specialty Transformation
Confirmation of Our Strategy
Strategy and Execution Drive Results
Proof of Performance & 2020 Goals
Platinum Vision: Pathway to Accelerated Growth
Innovation Drives Earnings Growth
Megatrends Aligned with Key End Markets
A Rich Pipeline of Opportunity
Debt Maturities & Pension Funding
Free Cash Flow and Strong Balance Sheet �Fund Investment / Shareholder Return
PolyOne Core Values
Why Invest In PolyOne?
https://www.avient.com/sites/default/files/2023-07/AVNT Q2 2023 Earnings Press Release%5B43%5D.pdf
AVNT-2023.06.30-News Release
1
NEWS RELEASE
FOR IMMEDIATE RELEASE
Avient Announces Second Quarter 2023 Results
• GAAP EPS of $0.24 includes special items and amortization expense
• Adjusted EPS of $0.63 exceeded guidance of $0.60, driven by better-than-projected
margins in both segments
• Full year adjusted EPS guidance of $2.40 maintained reflecting continued weak demand
conditions, offset by adjusted EBITDA margins expected to increase from 15.6% to 16.0%
for the year
• Most recent Sustainability Report published, highlighting the company’s progress on ESG
initiatives focused on People, Products, Planet and Performance
• Sustainability Day for investors to be held on September 20th will focus on Avient’s
sustainable solutions portfolio and the demand trends that will drive long-term growth
CLEVELAND – July 27, 2023 – Avient Corporation (NYSE: AVNT), a leading provider of
specialized and sustainable solutions, today announced its second quarter 2023 results.
They use words such as "will," "anticipate," "estimate," "expect,"
"project," "intend," "plan," "believe," and other words and terms of similar meaning in connection
with any discussion of future operating or financial condition, performance and/or sales.
2) Tax adjustments include the net tax impact from non-recurring income tax items, adjustments to uncertain tax position reserves and the
establishment, reversal or changes to valuation allowances.
10
Attachment 4
Avient Corporation
Condensed Consolidated Balance Sheets
(In millions)
(Unaudited)
June 30, 2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents $ 528.7 $ 641.1
Accounts receivable, net 506.4 440.6
Inventories, net 359.0 372.7
Other current assets 116.6 115.3
Total current assets 1,510.7 1,569.7
Property, net 1,007.4 1,049.2
Goodwill 1,705.7 1,671.9
Intangible assets, net 1,614.7 1,597.6
Other non-current assets 213.3 196.6
Total assets $ 6,051.8 $ 6,085.0
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term debt $ 2.2 $ 2.2
Accounts payable 428.7 454.4
Accrued expenses and other current liabilities 345.6 412.8
Total current liabilities 776.5 869.4
Non-current liabilities:
Long-term debt 2,179.2 2,176.7
Pension and other post-retirement benefits 67.3 67.2
Deferred income taxes 304.8 342.5
Other non-current liabilities 370.3 276.4
Total non-current liabilities 2,921.6 2,862.8
SHAREHOLDERS' EQUITY
Avient shareholders’ equity 2,334.7 2,334.5
Noncontrolling interest 19.0 18.3
Total equity 2,353.7 2,352.8
Total liabilities and equity $ 6,051.8 $ 6,085.0
11
Attachment 5
Avient Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
Six Months Ended
June 30,
2023 2022
Operating Activities
Net income $ 42.7 $ 169.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 96.2 71.1
Accelerated depreciation 1.9 3.2
Share-based compensation expense 6.5 6.3
Changes in assets and liabilities, net of the effect of acquisitions:
Increase in accounts receivable (66.6) (133.2)
Decrease (increase) in inventories 14.0 (45.9)
(Decrease) increase in accounts payable (26.2) 98.5
Accrued expenses and other assets and liabilities, net (93.2) (62.5)
Net cash (used) provided by operating activities (24.7) 106.7
Investing activities
Capital expenditures (45.9) (34.0)
Settlement of foreign exchange derivatives — 75.1
Net proceeds from divestiture 7.3 —
Net cash used by investing activities (38.6) 41.1
Financing activities
Purchase of common shares for treasury — (36.4)
Cash dividends paid (45.0) (43.5)
Repayment of long-term debt (1.0) (4.4)
Other financing (2.3) (4.1)
Net cash used by financing activities (48.3) (88.4)
Effect of exchange rate changes on cash (0.8) (15.5)
Decrease in cash and cash equivalents (112.4) 43.9
Cash and cash equivalents at beginning of year 641.1 601.2
Cash and cash equivalents at end of period $ 528.7 $ 645.1
12
Attachment 6
Avient Corporation
Business Segment Operations (Unaudited)
(In millions)
Operating income and earnings before interest, taxes, depreciation and amortization (EBITDA) at the segment level does not
include: special items as defined in Attachment 3; corporate general and administration costs that are not allocated to segments;
intersegment sales and profit eliminations; share-based compensation costs; and certain other items that are not included in the
measure of segment profit and loss that is reported to and reviewed by the chief operating decision maker.
https://www.avient.com/sites/default/files/2023-06/AVNT June IR Conferences w_Non GAAP Recs.pdf
They use words such as "will," “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales.
Additionally, Adjusted EPS excludes the impact of special items and amortization expense
associated with intangible assets.
2
3
AVIENT OVERVIEW
OUR VISION: Creating specialized and sustainable material solutions that transform customer challenges into opportunities, bringing new products to life for a better world
2023 Financial GuidanceCompany Overview 2022 Pro Forma Revenue By:
9,700
Employees
104
Manufacturing
Sites
20,000+
Customers
Key Highlights
Premier formulator of specialized and
sustainable material solutions
Asset-light business model, with
flexibility to adapt to customer needs
Best-in-class technology and service
(140+ PhDs / 2,500+ patents)
History of transformation through
successful M&A while consistently
returning cash to shareholders
Poised for continued future growth in
excess of GDP
$3.4B
Revenue
$2.40
Adjusted EPS
$530M
Adjusted EBITDA
15.6%
Adjusted EBITDA Margins
$200M
Free Cash Flow
2.9x
Net Leverage
Over $1B in share
buybacks since 2011
Raised dividend for 12
consecutive years, a
16% CAGR since 2011
Geography
Segment
Industry
U.S. &
Canada
EMEA
Asia
Latin America
64%
36%
Specialty
Engineered
Materials
Color
Additives
and Inks
40%
37%
18%
5%
6%
8%
24%
20%
10%
15%
9% 4% 4%
Defense
Healthcare
Packaging
Consumer
Building &
Construction
Industrial
Transportation
Energy Telecom
4
C R EAT I N G A WO R L D- C L A SS
S US TA I NA B L E ORG A N I ZAT I ON
1. 6.5% annualized long term sales
growth leveraging sustainable
solutions, composites, healthcare
and emerging regions
2.
Continue fostering our Great Place
to Work® culture
Strategic ObjectivesStrategic Objectives
Long Term
Growth
Rates
Growth DriversGrowth Drivers
$340
$455
$790
$1,175
2016 2018 2020 2022
$51
$84
$212
$668
2016 2018 2020 2022
$108 $113
$231
$293
2016 2018 2020 2022
$265
$358
$726
$830
2016 2018 2020 2022
8-12% 10% 8-10% 5%
Sustainable Solutions Composites Healthcare Asia/Emerging Regions
Profitable GrowthProfitable Growth Great Place to WorkGreat Place to Work
5.4%
11.5%
16.2%
2006 2018 2022
EBITDA Margins
$0.14
$2.67
$3.04
2006 2018 2022
Adjusted EPS
2022 data is pro forma for acquisition of Avient Protective Materials and Distribution divestiture
TO P- T IE R S US TA I NA B I L I TY PE R F OR MA N C E
A N D R EC O G NI T I ON
Industry Sustainability Standards
90th
percentile
84th
ESG Ratings Performance
3
1
5
5
Innovation is the lifeblood of a specialty company.
https://www.avient.com/sites/default/files/2022-11/AVNT Q3 2022 Earnings Presentation - Website Final.pdf
They use words such as "will," “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe” and other words and terms of similar meaning in connection with any discussion of future operating or financial condition, performance and/or sales.
Additionally, Adjusted EPS excludes the impact of special items and amortization expense
associated with intangible assets.2
T R A N S F O R M A T I O N A L
O V E R V I E W
Avient Protective
Materials
Dyneema
®
RECENT TRANSAC TIONS
Acquired Divested
$1.45 B $0.95 B
4
Distribution
UPDATED CA PI TAL STRUC TURE
& LI QUI DI TY
• Proceeds from completed
sale of Distribution used to
pay near-term maturing debt
to strengthen balance sheet
• Fixed/floating debt ratio of
~55/45
• Proven track record of
deleveraging following major
acquisitions through strong
free cash flow generation
• 2022 pro forma net
debt/adjusted EBITDA
expected to be 3.1x
$725 $725
$575 $500
$600
$525
$650
$650
$600
Capital Structure
Cash
$544
Undrawn
Revolver
$250
Liquidity
$3.15B
$2.40B
2030 Notes
2029 Term Loan
2026 Term Loan
2025 Notes
2023 Notes
After Dyneema
Acquisition
After Distribution
Divestiture
$794M
(1)
(1) $250M reflects estimated undrawn revolver following the divestiture of Distribution
5
PREVI OUS TR ANSACTIONS
Performance
Solutions
Products &
$0.8 B
COLOR
$1.4 B
Acquired (2020)Divested (2019)
6
• Acquisition of Clariant Color business significantly expanded
presence in healthcare, packaging and consumer end markets
• Strength of portfolio – double-digit annual EBITDA growth
since acquisition
• $75 million of realized synergies anticipated in 2022
• Acquisition completed on July 1, 2020 for $1.45 billion.
In addition, operating
income before the effect of special items is a component of Avient’s annual and long-term employee incentive plans and is used
in debt covenant computations.